On falling off the wagon…

On the “know thyself” theme, I now know this:

• I spend money when I’m busy.
• The more I spend, the easier it is to spend more.
• Getting a new renter and property upkeep costs more than I expected.

All at once, a busy vortex centered on me.  My renters left, work became insane, I had my Ph.D. comprehensive exams and I had travel to plan, all in the same two-week period.  I wanted to die.

As far as renters go, and getting new ones, the task and expense list looks like this:

• Move-out management (date tracking; communication with condo association and neighbors)
• Post move-out property inspection (remember, anything involving my actual property means cross-country travel for me)
• Writing and posting apartment listing for Craigslist
• Working with apartment listing agency as back-up
• Finding and scheduling painters
• Updating rental application and lease documents
• Emailing rental application and lease documents to prospective renters
• Screening renters (background checks, reference phone calls, credit checks) – $50 each x 3 = $150
• Enlisting (and paying, of course) a neighbor to let painters in and do apartment showings – $250 (cheaper than a plane ticket change and worth getting a jump on things before I get to town)
• Getting the unit painted (it was due) – $925
• Getting faux wood blinds for the new renter (they were needed, and I might as well buy them while they’re tax deductible, which they aren’t if I’m occupying the unit) – $1,400
• Light bulbs, storage unit lock, new keys, air filters for the furnace, and other general maintenance items – $80
• Whole Foods gift card as thanks for staying at a friend’s apartment for six days – $100 (much, much cheaper than any hotel would have been)
• TOTAL: $2,905

Mind you, that number reflects only property costs.  I was so busy, and so exhausted, that I didn’t track other expenses.  I couldn’t tell you what I spent on food while I was in Chicago, eating out most of the time.

Since I was bleeding money on a daily basis, I admit to spending $300 for two pairs of really good shoes and five pairs of SmartWool socks.  I live in cities.  I walk at least three miles each day, usually more like five miles.  I’m one of the few people I know who actually wears through shoes and socks (instead of just gets tired of them) and gets them re-soled multiple times.  Sometimes, though, I need new, comfortable shoes for my narrow feet that I can walk miles and miles in, and that kind of shoe costs money.  So really, when you’re spending almost $3,000 on your condo, an additional $300 doesn’t feel like as big a crime as it normally does.

Lord it will be nice having a rent check coming in every month again.  I raised the rent by almost $200/month too, between tenants.  That means my rent payment now covers all of my first mortgage and most of my assessments.

Now I’m back on the wagon.  I need to stop the shopping habit, which became a habit inside of a week.  I did not, for example, use the 15% off J.Crew coupon that came in yesterday’s catalog.  I had a henley I don’t need in my shopping cart and I closed the browser window.  I’m back to tracking expenses in my day planner.  Getting back on the wagon has to start somewhere.

The J.Crew coupon code that expires Sept. 5, 2008 is FALL by the way.  Enjoy!